Steve Job’s resigination from Apple just over an hour ago caused AAPL stock to drop $20 per share in after hours trading, from 376 to 355. Many investors have been bracing for the news since Job’s medical leave early this year, so the market wasn’t severely impacted. As expected, Tim Cook will now officially take Job’s place as CEO as Steve remains Chairman of the Board. Apple is expected to resume operations as normal, but it remains to be seen what the long-term effect on AAPL stock will be.

Apple briefly held to title as most valuable public company in the world, ahead of Exxon Mobil, but it may take some time for Apple to regain their lead after this devastating news.